Axis Bank has sent an alert to its customers that if they send money to customers of recently merged banks, they will have to first update their new IFSC codes.
Recently many banks have been merged with other banks. After the merger of banks, now the IFSC codes of the banks have changed and have become according to the new bank. Now from July 1, IFSC codes of many merged banks have become inactive, which is no longer active. In such a situation, now Axis Bank has also issued a notice to its customers regarding these banks. Axis Bank has issued an alert and told that now what will have to be done before sending money to the customers of these banks.
According to the information given by the bank to the customers, it is necessary to check IFSC code before sending money to the customers of 6 banks. In such a situation, know which bank is named in these 6 banks and what has been said in the alert issued by the bank.
What is Axis Bank Alert
Axis Bank has said in its alert, ‘As per RBI rules, Axis Bank has closed the IFSC Code of United Bank of India, Oriental Bank of Commerce, Allahabad Bank, Syndicate Bank, Dena Bank, Vijaya Bank after merger of banks. Is done. Delete the benefits of these banks and register with new account number and new IFSC code. That is, now you will not be able to send money to these 6 banks without entering the new IFSC code.
What are customers to do?
Now customers look at the beneficiary accounts in their account and find out whether anyone’s account is in these 6 accounts. If this is the case and you want to send money to that account, then you will first have to change the account details of that binary. For this you once again add the beneficiary and enter the new IFSC code in it. You can also get this information from the account holder or you can also find it yourself through online medium.
Explain that Syndicate Bank has merged with Canara Bank, Allahabad Bank with Indian Bank, Vijaya Bank and Dena Bank with Bank of Baroda. Now IFSC codes of new banks will be applicable in these.
What is IFSC Code?
IFSC (Indian Finance System Code) code is an 11 digit code, which consists of both alphabet and number. This code is used to transfer money online through NEFT, RTGS, IMPS. This is the unique code of each bank branch. IFSC code is very important for digital banking. Transaction will not happen without IFSC code.